A new survey has found that most Irish people’s idea of a good retirement is financial comfort and security; being able to cover the essentials and pursue preferred activities without having to worry about money. This is closely followed by time spent enjoying hobbies, having a strong sense of overall purpose and spending time with family.
These results are based on an independent online survey conducted by Research Plus Ltd on behalf of Standard Life Ireland of 1,000 Irish adults up to 12 August, 2019.
The survey reveals over a third or just 36% of the private sector owns a pension. The average pension pot is €120,000 yielding an income of about €4,800 p.a. Assuming they can claim the maximum state pension of €12,956 p.a. this will yield a combined retirement income of almost €17,800 p.a.
Commenting on the research, Standard Life’s head of marketing, Sharon Smyth said, “There is a big disconnect between what people want from their retirement and the actions they are taking to make it happen. Our research regularly shows people want to retire on about €35,000 p.a. but at best are saving about half that amount. We also know there’s a large cohort of people who want to start a pension but haven’t gotten around to it yet.”
What does a ‘good’ retirement look like? Top results
Financial comfort – being able to do the things I want to do without worrying about money
Financial security – being able to cover the essentials without worrying about money
Spending time enjoying your hobbies
Having a strong overall sense of purpose
Spending more time with family (children, grandchildren, siblings, cousins etc.)
Continuing to learn and develop myself
What does a ‘bad’ retirement look like? Top results
Worrying or Seriously Worrying
Poor physical health e.g. difficulty walking, heart conditions
Poor mental health e.g. Alzheimers, Dementia, loss of memory
Being financially cash-strapped - unable to cover the essentials
Loss of partner or spouse
Insufficient interaction/contact with family
Loss of self-identity